IRIDEX (NASDAQ:IRIX) Stock Crosses Below Fifty Day Moving Average – What’s Next?

IRIDEX Corporation (NASDAQ:IRIX)’s share price passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $0.72 and traded as low as $0.68. IRIDEX shares last traded at $0.6960, with a volume of 40,242 shares.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of IRIDEX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, October 20th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, IRIDEX currently has a consensus rating of “Hold” and an average target price of $3.00.

IRIDEX Stock Performance

The firm has a market cap of $12.23 million, a price-to-earnings ratio of -3.48 and a beta of 0.64. The business’s 50-day moving average is $0.72 and its 200-day moving average is $1.04.

IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Tuesday, August 18th. The medical equipment provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.06). The company had revenue of $12.57 million during the quarter, compared to analyst estimates of $13.59 million. Equities research analysts expect that IRIDEX Corporation will post -0.12 EPS for the current fiscal year.

Institutional Trading of IRIDEX

Several institutional investors and hedge funds have recently made changes to their positions in IRIX. Renaissance Technologies LLC increased its holdings in IRIDEX by 6.7% in the first quarter. Renaissance Technologies LLC now owns 396,627 shares of the medical equipment provider’s stock valued at $401,000 after purchasing an additional 25,067 shares during the last quarter. Weber Capital Management LLC ADV acquired a new position in IRIDEX in the second quarter valued at about $206,616. United Capital Financial Advisors LLC bought a new position in IRIDEX during the second quarter worth about $41,000. Diversify Wealth Management LLC bought a new position in IRIDEX during the first quarter worth about $35,000. Finally, Diversify Advisory Services LLC bought a new position in IRIDEX during the second quarter worth about $30,000. Institutional investors own 20.10% of the company’s stock.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) develops, manufactures and sells laser-based medical systems and disposable devices used in ophthalmic procedures. Its technologies are designed to help eye-care professionals treat glaucoma, retinal diseases and other conditions affecting vision.

The company’s product portfolio includes the Cyclo Glaucoma Laser System, which uses MicroPulse and continuous-wave laser technology for glaucoma treatment, as well as laser systems such as the IRIDEX IQ series for retinal and photocoagulation procedures.